The investment is being supported by the Department of Jobs through IDA Ireland. International financial services is a sector that has been prioritised by the Government for employment growth and a new national strategy for the IFSC is being prepared under the guidance of Minister of State Simon Harris.

AIG has operated in Ireland for about 40 years and employs around 400 staff across a range of activities based out of the IFSC. It also has a lucrative sponsorship deal with the Dublin GAA county board.

The operations centre will form part of the already-established Dublin Investment Centre that provides administration services to AIG globally.

Phase one of the new investment is already underway with a number of services being provided from Dublin in the past month.

This is part of AIG’s so-called treasury transformation initiative, which aims to establish an integrated global treasury organisation that safeguards its liquidity, transaction execution and banking relationships in a cost effective way.

The EMEA Treasury Operations Centre in Dublin will be one of a handful of such hubs operated by AIG around the globe. Others are located in Texas in the US, Bogota in Colombia, and Bengaluru in India.

AIG, the marketing name for American International Group, operates in more than 130 countries. It serves commercial, institutional, and individual customers through an extensive worldwide property-casualty network.